Bankruptcy is a legal strategy available to individuals or businesses that lack sufficient income to pay down their debts. If you are considering whether bankruptcy is right for you, contact the Law Offices of David Kohm for a consultation. An experienced Frisco TX bankruptcy attorney will be available to answer your questions and help you determine whether bankruptcy protection is the best strategy for your situation.
Due to the sluggish economy, many Americans are burdened with crippling amounts of debt. Bankruptcy protection allows individuals and businesses to discharge their debts. Bankruptcy law is complicated and involves a great number of regulations and restrictions. A debtor who is considering filing for bankruptcy protection should contact a skilled bankruptcy attorney to handle the case. The attorney will analyze your assets, debts and your financial goals when determining if bankruptcy protection makes sense for your situation. Chapter 13 and Chapter 7 bankruptcy protection are the most common types of protection offered to debtors under bankruptcy law.
Chapter 13 bankruptcy, also known as reorganization, requires establishing a repayment schedule to pay down debts. Enlisting the assistance of a Frisco bankruptcy lawyer will increase the likelihood that your repayment plan will be accepted by the bankruptcy court.
Chapter 7 personal bankruptcy, also referred to as “straight bankruptcy,” is one of the most common bankruptcy strategies. When you file for bankruptcy, the bankruptcy court will have authority over all of your assets. However, many types of assets are considered exempt under Texas bankruptcy law. An experienced bankruptcy attorney will explain the various exemptions available. Many debtors find that they are able to keep most of their property. An experienced bankruptcy attorney will discuss which assets need to be sold off and which ones you will be eligible to keep.
If you are overwhelmed by debt, contact the Law Offices of David Kohm at 817-204-0900 today for a free consultation.